Public Employees Retirement Association of Colorado Sells 212,324 Shares of Adobe Inc. (NASDAQ:ADBE)

Public Employees Retirement Association of Colorado trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 56.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,030 shares of the software company’s stock after selling 212,324 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Adobe were worth $72,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ADBE. Shorepoint Capital Partners LLC raised its holdings in shares of Adobe by 6.8% in the 4th quarter. Shorepoint Capital Partners LLC now owns 6,180 shares of the software company’s stock valued at $2,748,000 after purchasing an additional 393 shares during the period. Mission Creek Capital Partners Inc. increased its position in Adobe by 4.0% during the fourth quarter. Mission Creek Capital Partners Inc. now owns 5,291 shares of the software company’s stock worth $2,353,000 after buying an additional 203 shares during the last quarter. Bolthouse Investments LLC bought a new stake in Adobe in the fourth quarter valued at approximately $254,000. Johnson Financial Group Inc. lifted its position in shares of Adobe by 6.5% in the fourth quarter. Johnson Financial Group Inc. now owns 9,237 shares of the software company’s stock valued at $4,041,000 after buying an additional 562 shares during the last quarter. Finally, Boothbay Fund Management LLC increased its holdings in shares of Adobe by 886.9% during the 4th quarter. Boothbay Fund Management LLC now owns 13,471 shares of the software company’s stock worth $5,990,000 after acquiring an additional 12,106 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada decreased their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Finally, Jefferies Financial Group dropped their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

Adobe Price Performance

Adobe stock opened at $367.72 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market capitalization of $156.72 billion, a P/E ratio of 29.65, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The stock has a fifty day moving average of $392.89 and a 200-day moving average of $445.08.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.16% of the company’s stock.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.